As we come to the end of the first quarter of 2020 it is helpful to see how the market is doing thus far. January and February Sales in the LBI Real Estate Market can be a good indicator of transactions for the year however this year, we have a curve ball with the coronavirus. In a few days I will be publishing another post about the first quarter sales and I expect we will see some impact in the numbers however so far, things seem to be holding steady on Long Beach Island. Sales transactions can be summarized as follows:
There were 54 sold homes in January 2020 and 39 in February 2020
The average sale price in the LBI real estate market in 2020 was $1,119,937 for January and $941,987 in February
2020 was on track to be one of the best starts to the year in the last half decade.
It is hard today to stay calm in the face of updates, 10% swings in the stock market and talk of a national or global recession. The Great Recession of 2008-2009 or so is still relatively fresh in everyone’s minds and it is easy to understand why people are afraid. In these tumultuous times it is important to stay calm and look at the data. There are some significant differences between this time and 2008 that should help keep the national and local LBI real estate market stable.
Real estate in general is far more stable than it was leading up to 2008. Back then, mortgages were easy to obtain whereas today, lending is far more strict.
LBI Real Estate Weekly Sales Update 3/9/2020-3/15/2020: There were a total 92 changes to the Long Beach Island real estate market this week. To help understand the dynamics of the LBI real estate market for buyers, sellers and investors I publish a weekly sales update for the Long Beach Island real estate market in addition to my monthly analysis of home sales. You can review all the active, pending, sold and withdrawn listings that are or were for sale on Long Beach Island in the given time frame. To give a quick summary:
22 new listings entered the market with an average price of $1,344,365
14 listings went under contact with an average listing price of about $912,786
I am often asked by those looking to invest in the LBI real estate market if a summer rental property is profitable. While there is not a one size fits all answer to this question, under the right conditions, they can be very profitable in a variety of ways. When looking to invest in the LBI real estate market, a buyer should consider the investment in two ways: rental income and market appreciation. Before we go any further, I must say that all investments should be discussed with a financial planner, accountant, etc. to see what makes the most sense for you. When looking to buy a rental property in the LBI real estate market, there are a few variables that buyers should review:
When the time comes to sell your home on Long Beach Island, you want to make sure you get the most money possible. While there are constants in real estate that will probably never change, selling a home in the digital age requires an understanding of technology and how best to present a home online. The vast majority of home buyers begin their search online. Therefore, your home must stand out and draw a buyer’s attention. I mentioned a few constants in real estate, for example setting the right price, and it is essential to note that ignoring these points will ultimately hurt you in the sale of a home no matter how much technology is applied to the transaction. So, what matters in the digital age?